Miami considers adding BTC to its balance sheet

by Team Luno
· 2 minute read

It’s not only companies looking at crypto with googly eyes – the City of Miami is now officially considering shifting some of its reserves into Bitcoin.

On Friday, the city’s governing commission passed a resolution that it will look into the possibility of investing government funds into bitcoin, thanks to its bullish Mayor Francis Suarez. The resolution also suggests analysing the feasibility of allowing government employees to receive some or all of their wages in crypto, and on allowing citizens to pay property taxes or city fees using crypto.

Suarez told the city commission: “I think we’re on the cusp of seeing a major titanic shift on this. It’s an industry that’s boisterous, vociferous and growing, and this would send the right signal.”

There’s a catch, though – Florida has stringent rules around what local governments are allowed to invest in, citing the safety of funds as a primary directive. Since the price of bitcoin can skyrocket in an instant, and also see sudden downswings, huge losses could be experienced.

The outcome of these plans is yet to be seen, but it appears Suarez is a man on a mission looking to transform Miami into a tech innovation hub – even having hired the city’s first chief technology officer, Said Ishoof.

Not to be outdone though, former presidential candidate and longtime bitcoin advocate Andrew Yang who’s currently running for mayor of New York echoed the desire to turn his city into “a hub for bitcoin and other cryptocurrencies.”

The race is on – who will succeed? Let us know what you think on Twitter.

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